PRESIDENT: UNPRECEDENTED ECONOMIC DECLINE IN ARMENIA STEPPING BACK SLOWLY, BUT STEADILY

ARKA
Dec 23, 2009

YEREVAN, December 23. /ARKA/. Unprecedented economic decline in
Armenia is stepping back slowly, but steadily, Armenian President
Serzh Sargsyan said Tuesday at his annual meeting with entrepreneurs.

"Armenia has recorded economic decline, and I don’t think it will
considerably slow down in December. But instead the flow of new ideas
and projects has not dwindled," he said.

The president said that macroeconomic developments in recent months
and signs of economic recovery give us ground for optimistic outlooks
for 2010.

GDP in Armenia reduced 16% in Jan-Nov 2009, compared with the same
period a year earlier, to AMD 2786.7 billion.

November’s GDP is 6.6% smaller than that of the previous month.